In 2022, 48 percent of Medicare beneficiaries were enrolled in Medicare Advantage plans instead of original Medicare, and experts predict that number will be higher in 2023.
Medicare Advantage plans are offered by private insurers and bundle Medicare benefits in a way many people find appealing—but they also limit care to network providers, often require preapproval to see specialists and can saddle beneficiaries with high out-of-pocket costs for serious conditions.
The number of older adults in Medicare Advantage is also notable because financial experts tend to recommend original Medicare with medigap.
“I help my clients with Medicare choices, and what I tell them all is that if you can afford it, you should sign up for traditional Medicare with a Medicare supplement plan,” says David Haas, a certified financial planner in Franklin Lakes, New Jersey….